Michigan has been ranked a Top 10 State for Business by CNBC, an exciting sign of progress for the state’s economy and business community. This continues the momentum recognized in Bloomberg’s ranking of Michigan’s economy as number one among 37 states with a population of two million or more in a 2022 report. There remains much to be done to enhance the state’s economic competitiveness, improve education performance, and boost talent retention and attraction, but this recognition is a positive step forward. Learn more about the ranking below.
CNBC released its rankings of America’s Top States for Business in 2023. Michigan cracked the top 10 for only the second time since the list was launched. The Governor cites strong job growth, advanced manufacturing leadership, and a low cost of doing business and living for this recognition.
Criteria for this includes “10 broad categories of competitiveness” and “86 metrics.” These are broad categories businesses use when making site selection decisions and states invest in to lower costs and improve quality of life for residents and businesses alike.
Michigan comes in at 10th overall, while ranking higher in two categories and making strides in others, including:
- 6th for cost of doing business, up from 9th last year.
- 7th for cost of living, up from 12th last year.
- 12th for technology and innovation, up from 15th last year.
- 15th for business friendliness, up from 20th last year.
Recently economic data also points to the state’s progress.
- The unemployment rate dropped to 3.7% in May, continuing to inch down towards the all-time recorded low of 3.2% in February 2000.
- Since the mid-1970s, Michigan’s unemployment rate only fell below 4.0% during three periods: periodically from 1998-2000, from November 2019 to March 2020, and now, from April 2023-present.
- The state recorded 4,440,000 payroll jobs, an increase of 15,000 over the month and 82,000 over the year.
- Labor force participation rate climbed to 60.5 percent this month, the highest since July 2020.
Also, a few weeks ago, the Michigan Legislature passed a balanced, bipartisan budget. There were several investments in the budget powering ‘Make it in Michigan,’ a comprehensive strategy for economic development that focuses on winning projects, investing in people, and revitalizing places, according to the Governor’s office.